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We are seeing the Manhattan rental market tighten up a bit. Rental prices have increased to their second highest level in more than five years and prices increased for the second consecutive month after six months of decline. The use of concessions by landlords has fallen by half since the beginning of the year and marketing times are faster than they were a year ago. Tight credit and rising city employment has continued to keep the pressure on rents. We anticipate similar conditions as when we move into the summer months.
Brooklyn rental prices continued to do what they have been doing for the past 11 months - rise. Rents of smaller apartments have shown the largest increases. Marketing times remain fast and negotiability is limited. With the rapid rise in rents over the past year, there is a lot of resistance by tenants at the time of lease renewal, trying to find choices with greater affordability. The market continues to remain tight and we expect this momentum to carry through the next several months.
Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.
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© 2016. Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.
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